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I think there's a Valuation vs Expenses error here. Your interpretation compares market cap, which is a valuation, to the $700B per year that Sam is saying he'd need to spend.

Over 700B is 3% of US GDP. It is also 2.5x Apples OpEx, 5x MSFT's OpEx, and 28x NVIDIA's OpEx. It's a pretty sizable number even if you spread it out.

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Which is why I don't think it would be 1/10 per year.

I think he's imagining AI growing the economy at a massive rate even before the chip build up. The later years of higher growth and higher market expectations would carry the higher percentage of the total costs as thinks ramp up.

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